Gold prices remain bullish on technical charts


NEW YORK (Scrap Register): Gold’s technical posture on the charts remains constructive, said Lukman Otunuga, research analyst at FXTM.

The metal is modestly higher so far Thursday, helped by a softer U.S. dollar. With the greenback somewhat shaky and still struggling to gain ground, gold is likely to remain supported moving forward, Otunuga added.

Taking a look at the technical picture, the metal still fulfils the prerequisites of a bullish trend on the daily charts, analyst added.

There have been consistently higher highs and higher lows, while the MACD [moving average convergence/divergence] has crossed to the upside.

Bulls remain in control above $1,300 with a solid breakout, and a weekly close above $1,320 opening a path towards $1,333.

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